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Licenses Now Required For Austrian Cryptocurrency Companies

Roland James

Summary: Austrian cryptocurrency firms must now apply for a license to the nation’s financial watchdog as new Anti-Money Laundering (AML) regulations take effect. To qualify license applicants must provide the Financial Markets Authority (FMA) of Austria with evidence that they possess sufficient capability, coherence, and solvency to run the business. The penalty for operating a cryptoasset-related ...

Austrian cryptocurrency firms must now apply for a license to the nation’s financial watchdog as new Anti-Money Laundering (AML) regulations take effect.

To qualify license applicants must provide the Financial Markets Authority (FMA) of Austria with evidence that they possess sufficient capability, coherence, and solvency to run the business. The penalty for operating a cryptoasset-related business without a license is a maximum fine of €200,000.

By Roland James

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